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Analytical Engines Empowering Key Business Decisions
Strategic insights are gradually becoming very critical in businesses for the extraction of values from various data sources such as mobile devices, Web, automated sensory technologies, RFID, social networking websites, and so on. Prescriptive analytics can help in achieving these requirements for organizations. The prescriptive analytics-based decision support system utilizes large data sets for deriving efficient business decisions. This research service offers insights primarily on key sectors that will be affected by prescriptive analytics implementation.
This research service offers insights primarily on key sectors that will be affected by prescriptive analytics implementation. The key topics covered in this research service are as follows:
- Overview of the topic
- Highlights the key benefits of Prescriptive Analytics
- Key difference between Descriptive, Predictive and Prescriptive Analytics
- Need for Prescriptive Analytics in key sectors
- Key business impacts from implementation
- Use Cases of Prescriptive Analytics in different sectors
- Key convergence scenario enabling development of future applications
In the automotive and transportation sector, the impact of prescriptive analytics has created a huge demand for smart vehicles which can bring in improved user experience through decision making intelligence. These systems are expected to support maintenance of the car and act as a communication bridge between OEMs, service providers, and customers. These systems are expected to be intelligent enough to predict the life time and repair time frame for individual parts of automobiles with the help of cognitive systems. Prescriptive analytics systems are expected to create perfect assembly lines run by automated robots in the manufacturing and automation industry.
These robots are equipped with human-like decision making capabilities, resulting in reduced manual labor and reduced Key cost Findings The use of prescriptive analytics in the aerospace and defense industry is expected to help in the creation of predictive maintenance systems which can scan through millions of parts and predict the wear and tear of machinery. This prediction and support capabilities are expected to help in easy implementation of usage-based insurance.
The use of prescriptive analytics in the healthcare industry is expected to enable complete analysis and history of gene mapping. The use of sensors and continuous patient monitoring generates millions of data on patients’ health and physiology, which when subjected to analytics is expected to reveal key catalysts on genetic structures. These insights are expected to be used by the system to identify appropriate medicines and also calculate accurate costs involved in treatment.
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